Cyber Monday expected to generate record $7.8 billion in online sales

Cyber Monday is in full swing

Bottom line: Holiday spending up to this point is already trending well above last year's performance and there's little reason to believe Cyber Monday 2018 won't set additional records. Much of those sales are coming by way of mobile devices, allowing consumers to shop from virtually anywhere.

Online shoppers in the US spent $6.2 billion on Black Friday. That’s 23.6 percent more than consumers spent online during Black Friday 2017 according to Adobe Analytics.

In its 2018 Holiday Predictions Report, Adobe estimates that Cyber Monday will be the biggest online shopping day with anticipated revenue of $7.8 billion. As of 7 a.m. PST on Cyber Monday, online shoppers have spent $531 million.

That’s a little behind the $643 million pace set on Black Friday but according to the firm, the golden hours of e-commerce are between 7 p.m. and 10 p.m. PST on Cyber Monday. The average visit to an online retailer during these hours is worth $9 and in 2017, more than a quarter of revenue came from smartphones during this period.

For the month of November thus far, consumers have spent $50.62 billion online.

Overall revenue is expected to be higher this year as well as there are 28 days between Cyber Monday and Christmas compared to last year’s 27 days. Adobe also forecasts every day to be a $1 billion day, save for December 22nd, 24th and 25th.